April 16, 2024
Acrylic Paints Market

The Acrylic Paints Market Is Trending By Sustainability Concerns

The acrylic paints market consists of paints made from thermoplastic polymer acrylic acid or methacrylic acid, acrylic resins, pigments and acrylic copolymers. Acrylic paints dry quickly and offer superior color retention, weather resistance, and flexibility in application. They provide smooth opacity and can be used for multiple surfaces like wood, canvas, paper, metal, plastic and glass.

The Global acrylic paints market is estimated to be valued at US$ 334.38 Mn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the acrylic paints market are The Kraft Heinz Company, Fonterra Co-operative Group Limited, Groupe Lactalis S.A., Grande Cheese Company, Arla Foods Inc., BelGioioso Cheese Inc., Granarolo S.p.A, Saputo Cheese USA Inc., Sargento Foods Inc., and Organic Valley. The growing demand for acrylic paints from the commercial and industrial sectors is driving market growth. Commercial construction projects and tourism are expected to boost acrylic paint consumption. Manufacturers are focusing on sustainability and offering products with low VOC and water-based formulations to meet stringent regulations.

Growing demand in the construction, automotive, and marine industries are major factors driving the Acrylic Paints Market Demand Acrylic formulations provide durability and lustre required for infrastructure projects and vehicle manufacturing. Increasing demand for premium and custom house paints from homeowners is further augmenting market revenue.

The market is witnessing strong growth in North America and Asia Pacific due to rapid urbanization, rising disposable incomes, and expanding construction activities. Key players are expanding production facilities in developing countries to leverage growth opportunities. Ban on certain chemicals and stringent environmental regulations in Europe are positively impacting the demand for green acrylic paints.

Market key Trends

One of the key trends gaining traction in the Acrylic Paints Market is the shift towards sustainability. Manufacturers are innovating water-based and zero/low VOC formulations using bio-based raw materials to reduce environmental footprint. Waterborne acrylic technologies help meet VOC standards without compromising on performance. Growing consumer awareness about toxic paint ingredients is driving the need for greener product options in the market.

Porter’s Analysis

Threat of new entrants: Low requirements for paint manufacturing however established brands and distribution channels make market entry difficult.

Bargaining power of buyers: Large buyers like retail chains can negotiate lower prices however availability of substitutes limits their power.

Bargaining power of suppliers: Key raw materials acrylic polymers and pigments have few substitutes giving suppliers bargaining power over price and quality.

Threat of new substitutes: Oil-based paints are substitutes though environment regulations support acrylics. Water-based alkyds are emerging substitutes.

Competitive rivalry: Intense competition among major players to offer new product varieties and competitive prices.

Geographical Regions

North America accounts for the largest share of the global acrylic paints market in terms of value due to high paint consumption driven by residential re-painting activities. Growth of the construction industry also supports market growth in the region.

Asia Pacific region is expected to witness the fastest growth in the acrylic paints market during the forecast period. Presence of emerging economies like India and China with growing construction and automotive sectors increases the demand for paints and coatings in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.